Analysis of today's market

After the Federal Reserve decided to cut interest rates by 25 basis points, gold extended its recovery following a steep decline earlier in the week, trading above $2,700. Powell's speech centered around the victory of Trump.

The statement emphasized that despite some moderation in labor market conditions, Federal Reserve officials observed a steady expansion of the economy. They indicated that inflation had approached the Fed's 2% target but was still somewhat elevated.

Gold was hovering around 2704, with the highest point reaching 2711 and the lowest dipping near 2699 as of the time of writing. Keep an eye on the resistance levels at 2720-2730-2740; if they are not breached, a test of the support levels at 2680-2670-2660 will likely occur.